FM In Pre-Budget Meeting On Feb 19, To Meet Financial Regulators (18-Feb-2012)
Finance Minister, Pranab Mukherjee is likely to meet the country's financial regulators on February 19, to discuss the future course of action for the financial sector in the coming fiscal. The pre budget meeting will include RBI Governor D Subbarao, SEBI Chairman U K Sinha and IRDA Chairman J Hari Narayan. The meeting would also be attended by Secretaries in the finance ministry.
The regulators, who are members of the Financial Stability Development Council (FSDC), will be discussing matters like checking the flow of illicit funds in various financial markets, especially through banking, stock markets and insurance route; ways to improve the investment climate in the country and the crisis management framework which is being prepared by a sub-committee of FSDC to deal with the impact of global financial problems.
FSDC, headed by Mukherjee, coordinates among regulators and looks at financial sector development, financial literacy, financial inclusion and macro-prudential supervision of the economy, including the functioning of large financial conglomerates.
In another development last night, the Financial Action Task Force (FATF), a grouping of 36 nations including India, said tax crimes globally should be brought under the scope of money laundering to fight terror financing and proliferation of weapons of mass destruction.
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